Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Quantitative Disclosure of The Fair Value For Each Major Category Of Assets And Liabilities

For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below:



	Fair Value Measurements at March 31, 2017
	Level 1		Level 2		Level 3
Assets
Available-for-sale marketable securities	$	110,057	$	—	$	—
Real estate related bonds	—		572		—
Derivative interest rate instruments	—		983		—
Total assets	$	110,057	$	1,555	$	—



	Fair Value Measurements at December 31, 2016
	Level 1		Level 2		Level 3
Assets
Available-for-sale marketable securities	$	182,569	$	—	$	—
Real estate related bonds	—		1,314		—
Derivative interest rate instruments	—		487		—
Total assets	$	182,569	$	1,801	$	—

Assets Measured at Fair Value on Non-Recurring Basis

The following table summarizes activity for the Company’s assets measured at fair value on a nonrecurring basis. The Company recognized certain impairment charges to reflect the investments at their fair values for the three months ended March 31, 2017 and 2016. The asset groups that were reflected at fair value through this evaluation are:



	For the three months ended
	March 31, 2017				March 31, 2016
	Level 3		Total Impairment Losses		Level 3		Total Impairment Losses
Investment properties	$	36,676	$	16,440	$	39,150	$	8,390

Fair Value of Financial Instruments Presented at Carrying Values

The table below represents the fair value of financial instruments presented at carrying values in the Company's consolidated financial statements as of March 31, 2017 and December 31, 2016.



	March 31, 2017				December 31, 2016
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Mortgages payable	$	475,979	$	478,773	$	434,746	$	435,513
Line of credit and term loan	$	300,000	$	299,749	$	300,000	$	299,741